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I am moving with my husband and infant to NYC for his new job. We would very much prefer to buy an apt downtown rather than rent (we are very sick of moving), but we are concerned it could never happen in the 3 months we have before we have to be there. The idea of temporary housing/storage/ etc while waiting to close on an apt seems daunting with an infant. At this point, all we have done is look online and are planning to visit soon to start our search in person.
Money talks. If you have the cash you can buy anything you want. However, it depends on if it’s a co-op or a condo. If it’s a co-op you have to be approved by the board and that can take a while. Also, many banks won’t lend for a co-op (because it’s technically not “real property” but shares in a business); you’ll probably have to go through a local bank that is familiar with co-ops.
The larger question is: Is it wise to buy quickly? Especially if you don’t know the city very well. You may find that you don’t like the Financial District and would rather be in Park Slope, etc.
Yes but not easy and probably near impossible if it requires board approval (for coop).
More importantly like others have asked. Should you be buying in 3 months or take more time by renting to get to know and then buy. Personally I think working with fixed and short time limit is not a good approach to buy a place but everyone's circumstance and situation are different.
It also depends on where you live now. Are you within a distance from NYC already where you could make several trips and speak with realtors and check out neighborhoods? That would make a huge difference as well.
I would definitely rent first. You might get here and like another area and then you'd be stuck in a home you rushed into. Also it's definitely a buyers market now so there is no need to rush. You also want to make sure that the city is right for you. Alot of people move nearby to the suburbs based on family needs.
It can happen in 3 mos if you find a place and finalize a deal in the next couple of weeks.It will take 6 to 8 weeks to close unless you can pay cash and don't have to deal with a bank.
Whether you should buy immediately depends on how well you know NYC and whether you are sure of what neighborhood you want to buy in and whether you think prices and interest rates might rise if you don't buy for a year or two.
I would rent first unless you are REALLY familiar with the city and know exactly what neighborhood/ blocks you want to search in. With a child, you'll also want to take into account what pre-schools & grade schools you intend to use - if public, your options for neighborhoods are even smaller. If private, you'll want proximity to many choices as admissions are tough to secure and you probably don't want to take a toddler on a $30 cab ride 2x daily to get to nursery school.
It's worth it to move twice and go through the hassle of moving, renting, moving, buying to not make a $500k or a $1M or a $5M mistake on NYC real estate.
Speaking with my real estate experience, it takes about 2-4 months for a closing in the city (I have even seen 6 months). If time is of the essence, do not get a co-op, unless they do not require board approval. As well, make sure you get pre-approved for your mortgage, have your down payment ready, a closing attorney and home owner inspector all picked out and get ready to pound the pavement with a realtor the second you get there.
As for the closing in 6-8 as the post stated above me, that is not the norm. No one in my office has every had a closing that quickly in the city. But who knows, maybe you will get lucky if you go in all cash.
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